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Guarantee against losses.
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15.—(1) The Minister may—
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[1961, s. 4.]
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(a) guarantee, in such form and manner and on such terms and conditions as he may specify, the due repayment to the Corporation of the principal of any money paid by the Corporation on foot of loans, advances, guarantees to persons in relation to the payment of money by other persons or other credit facilities (including hire-purchase facilities) given, provided or arranged by the Corporation or in respect of which it undertakes any commitments or the payment of interest on such principal or both the repayment of the principal and the payment of the interest, and
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(b) recoup the Corporation, on foot of a guarantee under this section, on such terms and conditions as he may specify in respect of any losses incurred by the Corporation in relation to such loans, advances, guarantees or other credit facilities.
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(2) The Minister shall not so exercise the powers conferred by subsection (1) that the amount or the aggregate amount of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection for the time being in force exceeds £10,000,000.
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(3) Money paid by the Minister under a guarantee under this section shall be repaid to the Central Fund out of money provided by the Oireachtas.
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(4) Where the whole or any part of the money paid by the Minister on foot of a guarantee under this section is subsequently recovered by the Corporation, the amount recovered shall be repaid by the Corporation to the Minister.
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